Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	10,693,123	$	9,920,547
Variable-rate	9,411,340		10,796,316
Total Private Education Loans, gross	20,104,463		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,816		67,488
Allowance for credit losses	(1,190,427)		(1,158,977)
Total Private Education Loans, net	18,980,852		19,625,374
FFELP Loans	643,614		695,216
Deferred origination costs and unamortized premium/(discount)	1,647		1,815
Allowance for credit losses	(3,811)		(4,077)
Total FFELP Loans, net	641,450		692,954
Credit Cards (fixed-rate)	—		25,014
Deferred origination costs and unamortized premium/(discount)	—		222
Allowance for credit losses	—		(2,281)
Total Credit Cards, net	—		22,955
Loans held for investment, net	$	19,622,302	$	20,341,283

The average balance (net of unamortized premium/discount) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:

	2022				2021
Three Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	19,958,763	9.43	%	$	20,944,581	8.26	%
FFELP Loans	655,724		5.03		713,517		3.45
Credit Cards	—		—		14,894		6.95
Total portfolio	$	20,614,487			$	21,672,992

	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,685,372	8.82	%	$	20,860,973	8.23	%
FFELP Loans	673,654		4.18		723,656		3.43
Credit Cards	—		—		12,821		4.97
Total portfolio	$	21,359,026			$	21,597,450